The release of the deVere Vault app, earlier today, has been facilitated by the company receiving its own e-money banking licence, the company said in a statement announcing the launch.

The announcement follows other foray’s into the banking sector for deVere. As reported, in the last two months, it has launched its own private bank and has received an investment banking licence.

“The launch of our challenger bank, deVere Vault, is the latest move to provide expat clients a comprehensive, global service,” said Green, pictured above. “Personal advice with digital solutions is what people need in today’s world. DeVere Vault, is a low-cost, app-only e-money service, [that] has been driven by demand from internationally-mobile individuals, globally-focused firms and expats.

“They want to access, manage and use their money instantly and seamlessly wherever they are in the world.”

Green said that for it is now “normal” for a range of individuals and business people, including g the 18-45 demographic to do everything on their mobile or tablet. Increasingly, this is also extending to their day-to-day financial requirements and, according to Green, is a trend that is “only set to gain momentum moving forward”.

Traditional banking ‘days numbered’

“I believe the days of traditional banking are numbered,” he said. “This is due to the speed with which banking information can be accessed and transactions made via app-only services. Such money apps are growing in popularity due to this high level of convenience, increased security, and as people become ever-more tech-savvy.”

The deVere Vault will provide global services in electronic money and a single card, multi currency service. Focusing on those with an international lifestyle, we will also ensure that the best currency exchange ratios are given.

New clients will even be able to open a deVere Vault account “in around five minutes”, as well as withdraw money from any cash machine worldwide, get real-time notifications with all your transactions, spend money on the card wherever Mastercard is accepted, and send and receive money in most major currencies instantly with other deVere Vault account holders.

Green called the launch “just the beginning”, predicting other firms will follow and that the deVere Vault is “set to revolutionise how people access, manage and use money across the world and positively disturb the wider banking sector,” he said. “Banking as we have known it until now is finished.”